What is bitcoin in simple words?

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BITCOIN

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What Is Bitcoin In simple Words?

• Bitcoin is a digital and global money system
  currency. It allows people to send or receive
  money across the internet, even to someone they
  dont know or dont trust. Money can be exchanged
  without being linked to a real identity.
• The domain name "bitcoin.org" was registered on
  18 August 2008.On 31 October 2008, a link to a
  paper authored by Satoshi Nakamoto titled
  Bitcoin A Peer-to-Peer Electronic Cash System
  was posted to a cryptography mailing list.

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Pseudonymous

• One of the contrasts between utilizing bitcoin
  and utilizing ordinary cash online is that
  bitcoin can be utilized without having a web
  association with interface such a genuine
  character to it. Except if somebody decides to
  interface their name to a bitcoin address, it is
  difficult to tell who claims the location Bitcoin
  doesn't screen customers it screens keeps an eye
  on where the money is. Each address has two
  significant bits of cryptographic data, or keys
  a public one and a private one. The public key,
  which is the thing that the "bitcoin address" is
  made from, is like an email address anybody can
  find it and send bitcoins to it. The private
  location, or private key, is like an email secret
  word just with it can the proprietor send
  bitcoins from it. Along these lines, it is vital
  that this private key is kept mystery. To send
  bitcoins from a location, you demonstrate to the
  organization that you own the private key that
  has a place with the location, without uncovering
  the private key. This is finished with a part of
  science known as open key cryptography.

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Public Key

• A public secret is what determines the ownership
  of bitcoins, and is extremely just like an ID
  number. If someone wanted to send you bitcoins,
  all you'd must do is supply them your bitcoin
  address, which could be a version of your public
  key that's easier to read and kind. as an
  example, if Bobby has 1 bitcoin at the bitcoin
  address "UVW123," and Sunny has no bitcoins at
  the bitcoin address "XYZ456," Bobby can send 0.5
  bitcoins to "XYZ456." As soon because the
  transaction is processed, Sunny and Bobby both
  have 0.5 bitcoins. Anyone using the system can
  see what quantity money "UVW123" has and the way
  much money "XYZ456" has, but they can not tell
  anything about who owns the address.

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Private Key

• In the example above, "UVW123" and "XYZ456" are
  the bitcoin addresses of Bobby and Sunny. But
  Bobby and Sunny each have a second key which only
  they individually know. this is often often often
  the private key, and it's the "other half" of a
  Bitcoin address. The private secret isn't shared,
  and allows the owner of the bitcoins to manage
  them. However, if the private secret's not kept
  secret, then anyone who sees it should control
  and take the bitcoins there. This happened on
  live TV when Bloomberg's Matt Miller accidentally
  showed a non-public key to viewers. the cash was
  taken immediately. The one that took it, told
  others about it later, saying "I'll send it back
  once Matt gives me a unique address, since
  another person can sweep out the old one."

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